This is that rarity, a useful book."--Warren Buffett Howard Marks, the chairman and cofounder of Oaktree Capital Management, is renowned for his insightful assessments of market opportunity and risk. After four decades spent ascending to the top of the investment management profession, he is today sought out by the world's leading value investors, and his client memos brim with insightful commentary and a time-tested, fundamental philosophy. Now for the first time, all readers can benefit from Marks's wisdom, concentrated into a single volume that speaks to both the amateur and seasoned investor. Informed by a lifetime of experience and study, The Most Important Thing explains the keys to successful investment and the pitfalls that can destroy capital or ruin a career. Utilizing passages from his memos to illustrate his ideas, Marks teaches by example, detailing the development of an investment philosophy that fully acknowledges the complexities of investing and the perils of the financial world. Brilliantly applying insight to today's volatile markets, Marks offers a volume that is part memoir, part creed, with a number of broad takeaways. Marks expounds on such concepts as "second-level thinking," the price/value relationship, patient opportunism, and defensive investing. Frankly and honestly assessing his own decisions--and occasional missteps--he provides valuable lessons for critical thinking, risk assessment, and investment strategy. Encouraging investors to be "contrarian," Marks wisely judges market cycles and achieves returns through aggressive yet measured action. Which element is the most essential? Successful investing requires thoughtful attention to many separate aspects, and each of Marks's subjects proves to be the most important thing.
A NEW YORK TIMES, WALL STREET JOURNAL, AND USA TODAY BESTSELLER The legendary investor shows how to identify and master the cycles that govern the markets. We all know markets rise and fall, but when should you pull out, and when should you stay in? The answer is never black or white, but is best reached through a keen understanding of the reasons behind the rhythm of cycles. Confidence about where we are in a cycle comes when you learn the patterns of ups and downs that influence not just economics, markets, and companies, but also human psychology and the investing behaviors that result. If you study past cycles, understand their origins and remain alert for the next one, you will become keenly attuned to the investment environment as it changes. You’ll be aware and prepared while others get blindsided by unexpected events or fall victim to emotions like fear and greed. By following Marks’s insights—drawn in part from his iconic memos over the years to Oaktree’s clients—you can master these recurring patterns to have the opportunity to improve your results.
Howard Marks's The Most Important Thing distilled the investing insight of his celebrated client memos into a single volume and, for the first time, made his time-tested philosophy available to general readers. In this edition, Marks's wisdom is joined by the comments, insights, and counterpoints of four renowned investors and investment educators: Christopher C. Davis (Davis Funds), Joel Greenblatt (Gotham Capital), Paul Johnson (Nicusa Capital), and Seth A. Klarman (Baupost Group). These experts lend insight into such concepts as "second-level thinking," the price/value relationship, patient opportunism, and defensive investing. Marks also adds his own annotations, expanding on his book's original themes and issues. A new chapter addresses the importance of reasonable expectations, and a foreword by Bruce C. Greenwald, called "a guru to Wall Street's gurus" by the New York Times, speaks on value investing, productivity, and the economics of information. *** Howard Marks, the chairman and cofounder of Oaktree Capital Management, is renowned for his insightful assessments of market opportunity and risk. After four decades spent ascending to the top of the investment management profession, he is today sought out by the world's leading value investors, and his client memos brim with insightful commentary and a time-tested, fundamental philosophy. Now for the first time, all readers can benefit from Marks's wisdom, concentrated into a single volume that speaks to both the amateur and seasoned investor. Informed by a lifetime of experience and study, The Most Important Thing explains the keys to successful investment and the pitfalls that can destroy capital or ruin a career. Utilizing passages from his memos to illustrate his ideas, Marks teaches by example, detailing the development of an investment philosophy that fully acknowledges the complexities of investing and the perils of the financial world. Brilliantly applying insight to today's volatile markets, Marks offers a volume that is part memoir, part creed, with a number of broad takeaways. Marks expounds on such concepts as "second-level thinking," the price/value relationship, patient opportunism, and defensive investing. Frankly and honestly assessing his own decisions--and occasional missteps--he provides valuable lessons for critical thinking, risk assessment, and investment strategy. Encouraging investors to be "contrarian," Marks wisely judges market cycles and achieves returns through aggressive yet measured action. Which element is the most essential? Successful investing requires thoughtful attention to many separate aspects, and each of Marks's subjects proves to be the most important thing. "This is that rarity, a useful book."--Warren Buffett
In this text, celebrated drug smuggler Howard Marks has collected together all of the unpublished material sent to him over the years from drug users, traffickers, smugglers, and prisoners - people from all walks of life. Also included are selections from Marks' own collection of drug writing.
This book tells the story of Welshman Howard Marks who has recently discovered his true Welsh identity after a notorious few decades. Raised in Kenfig Hill, south Wales, he became one of the most prolific drug smugglers in the world.
21ST ANNIVERSARY EDITION WITH AN INTRODUCTION BY IRVINE WELSHHe was Britain's most wanted man. He spent seven years in America's toughest penitentiary. You'll like him.During the mid 1980s Howard Marks had forty three aliases, eighty nine phone lines and owned twenty five companies throughout the world. At the height of his career he was smuggling consignments of up to thirty tons of marijuana, and had contact with organisations as diverse as MI6, the CIA, the IRA and the Mafia. Following a worldwide operation by the Drug Enforcement Agency, he was arrested and sentenced to twenty-five years in prison at the Terre Haute Penitentiary, Indiana. He was released in April 1995 after serving seven years of his sentence. Told with humour, charm and candour, Mr Nice is his own extraordinary story.'The story of a remarkable life, lived by the very brilliant and exceptionally wonderful Mr Nice'Irvine Welsh'Frequently hilarious, occasionally sad, and often surreal'GQ'A man who makes Peter Pan look like a geriatric'Loaded'A folk legend'Daily Mail
DS Catrin Price receives a series of cryptic messages from an old school friend. When Cat visits him at his isolated house in the depths of the Brecon Beacons she discovers that his beloved daughter is missing. But she's not the only one. Other girls in the area have been disappearing, and when one of them is found dead in an abandoned mine shaft, Cat fears the worst. Ignoring instructions to leave the case well alone, she embarks on a desperate hunt that will take her to one of London's most notorious drug gangs and into the darkest corners of her mind. Cat will stop at nothing to uncover the truth, but there are people who will do anything to keep it hidden - and they are watching her every move.
21ST ANNIVERSARY EDITION WITH AN INTRODUCTION BY IRVINE WELSH He was Britain's most wanted man. He spent seven years in America's toughest penitentiary. You'll like him. During the mid 1980s Howard Marks had forty three aliases, eighty nine phone lines and owned twenty five companies throughout the world. At the height of his career he was smuggling consignments of up to thirty tons of marijuana, and had contact with organisations as diverse as MI6, the CIA, the IRA and the Mafia. Following a worldwide operation by the Drug Enforcement Agency, he was arrested and sentenced to twenty-five years in prison at the Terre Haute Penitentiary, Indiana. He was released in April 1995 after serving seven years of his sentence. Told with humour, charm and candour, Mr Nice is his own extraordinary story. 'The story of a remarkable life, lived by the very brilliant and exceptionally wonderful Mr Nice' Irvine Welsh 'Frequently hilarious, occasionally sad, and often surreal' GQ 'A man who makes Peter Pan look like a geriatric' Loaded 'A folk legend' Daily Mail
Howard Marks is king of the dope-smoking world: Mr Nice is now at a staggering half a million copies sold, and the Book of Dope Stories has sold 100,000 copies in six months. Simon Bond is a well-known cartoonist: the classic 101 Uses For A Dead Cat came out in an omnibus edition last year - twenty years after it was first published. 101 Uses For A Dead Roach will be a humour classic - 101 cartoons ranging from the sublime to the ridiculous, of how to use the un-useable part of your joint.
Howard Marks has been diagnosed with terminal cancer. But determined not to go quietly into the night, he has decided that it is time to release Mr Smiley, the story of his last, and arguably his biggest ever, drug scam at the height of the '90s ecstasy frenzy. On his release from prison in 1995, Howard had made a promise to himself and family that this time he was going to go straight...But some people are just born for the life, and it is not long before Howard finds himself trying ecstasy and rubbing shoulders with some of the king-pins of the pill trade that has set the Ibiza scene ablaze. Incredibly funny, moving and scabrous, Mr Smiley is a free-standing follow up to Mr Nice, which follows a journey to the heartland of the clubbing scene and British crime. It is also a fitting last word from one of Britain's best loved bad boys.
This book tells the story of Welshman Howard Marks who has recently discovered his true Welsh identity after a notorious few decades. Raised in Kenfig Hill, south Wales, he became one of the most prolific drug smugglers in the world.
THE STORY: A funny, heartwarming story of two brothers who, through a time of hilarious crisis, learn who they can really count on. Wesley Wyatt, a goofy computer nerd, his younger brother Boysy, have built (along with their father) what arguably i
Rose Runners: Chronicles of the Kentucky Derby Winners is not just another book about the biggest party in the world. This is a book like no other for it is a conglomerate of 144 short stories of every Kentucky Derby winner. Starting with Aristides in 1875 through Justify in 2018, each winner is acknowledged and honored with a short bio. Some are funny, others intriguing, while several are heartbreaking. Howard, Marks and Hudson have done a superb job of bringing the reader to every Kentucky Derby as if they were there in person.
Nurturing Child and Adolescent Spirituality: Perspectives from the World's Religious Traditions provides a forum for prominent religious scholars to examine the state of religious knowledge and theological reflection on spiritual development in childhood and adolescence. Featuring essays from thinkers representing the world's major religious traditions, the book introduces new voices, challenges assumptions, raises new questions, and broadens the base of knowledge and investment in this important domain of life. It specifically and intentionally focuses on theological and philosophical perspectives from within religious traditions, creating space for the religious traditions to find their voices. Nurturing Child and Adolescent Spirituality is firmly grounded in the language and priorities of religious studies, and helps stimulate explorations of whether and how religious communities are tapping their own wisdom and strengths in nurturing today's young people in a complex and changing world. Nurturing Child and Adolescent Spirituality will set the stage for new waves of scholarship and dialogue within and across traditions, disciplines, and cultures that will enrich understanding and strengthen how the world's religious traditions, and others, understand and cultivate the spiritual lives of children and adolescents around the globe.
Obesity in affluent countries continues to be a serious problem. When one runs an Obesity Clinic there appears to be an unending series of patients who need help. Our understanding of weight control has been advanced not only by the studies of obese patients but also by our investigation of the problems of weight gain in young women with anorexia nervosa. Just as among obese patients there is the group of 'efficient metabolizers' who can maintain their excessive weight with a calorie intake occasion ally as low as 600 kcal per day, so we have demonstrated that among anorexic women there are a few who may fail to gain normal weight with 3500 kcal per day. Some of the latter group may in fact develop T3 (tri-iodothyronine) thyrotoxicosis. One of the major unknown factors is still what determines when patients may be at these extremes. If we knew how to control these extremes we would like, for a time, to switch each to the opposite end of the spectrum. One factor which is becoming apparent from studying people in the machine which continually plots metabolic rate is that the metabolic response to food is a' major factor in determining a person's weight. In general terms there is a tendency for those who are below their ideal weight to have an increased metabolic response to food and those who are above ideal weight to have a reduced metabolic response to food.
Murray Brown: Book Full and Closed.Relives a half century of harness racing legacy at Hanover Shoe Farms, universally acclaimed as The Greatest Name in Harness through the eyes of dual nationality hall of famer Murray Brown who saw it all through his dual roles as general manager for the Standardbred Horse Sales company and public relations director for Hanover Shoe Farms.You'll learn firsthand never before told revelations about the great horsemen and great horses Murray Brown encountered, in addition to the insightful anecdotes about the industry people he met along the way.Dr. Bridgette Jablonsky, the worldly acclaimed farm manager at Hanover Shoe Farms described Murray Brown: Book Full and Closed as Riveting, I couldn't put it down.
Provides a concise, step-by-step guide to implementing Windows 3.0 and 3.1 in the NetWare environment. Each detail from planning directory structures to solving complex memory issues is explained. Includes a resource guide to the software tools available for NetWare Windows users.
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